Occidental Petroleum (NYSE:OXY) Stock Rating Lowered by Bank of America
Occidental Petroleum (NYSE:OXY) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, January 4th, MarketBeat.com reports. They presently have a $80.00 price objective on the oil and gas producer’s stock. Bank of America’s price objective suggests a potential upside of 5.62% from the company’s previous close. The analysts noted that the move was a valuation call.
OXY has been the topic of several other research reports. Cowen restated a “buy” rating and issued a $80.00 price target on shares of Occidental Petroleum in a research note on Thursday, September 28th. Mizuho restated a “hold” rating and issued a $64.00 price target on shares of Occidental Petroleum in a research note on Friday, November 3rd. Goldman Sachs Group upgraded Occidental Petroleum from a “neutral” rating to a “buy” rating in a research note on Friday, November 17th. Barclays upped their price target on Occidental Petroleum from $45.00 to $47.00 and gave the stock an “underweight” rating in a research note on Monday, November 20th. Finally, Jefferies Group upped their price target on Occidental Petroleum from $62.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Occidental Petroleum presently has a consensus rating of “Hold” and an average price target of $70.07.
Shares of Occidental Petroleum (NYSE:OXY) traded down $0.50 during trading hours on Thursday, hitting $75.74. The stock had a trading volume of 929,379 shares, compared to its average volume of 3,303,352. Occidental Petroleum has a 12-month low of $57.20 and a 12-month high of $78.09. The company has a market cap of $57,550.00, a price-to-earnings ratio of 105.93, a P/E/G ratio of 5.40 and a beta of 0.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 0.95.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Barometer Capital Management Inc. purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth $12,213,000. California Public Employees Retirement System boosted its stake in shares of Occidental Petroleum by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 2,047,285 shares of the oil and gas producer’s stock worth $131,456,000 after buying an additional 64,533 shares during the last quarter. Swiss National Bank boosted its stake in shares of Occidental Petroleum by 0.9% in the 3rd quarter. Swiss National Bank now owns 2,892,043 shares of the oil and gas producer’s stock worth $185,698,000 after buying an additional 25,100 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Occidental Petroleum in the 3rd quarter worth $3,792,000. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Occidental Petroleum by 178.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 58,489 shares of the oil and gas producer’s stock worth $3,502,000 after buying an additional 37,499 shares during the last quarter. Institutional investors and hedge funds own 80.25% of the company’s stock.
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Occidental Petroleum Company Profile
Occidental Petroleum Corporation (Occidental) is an oil and gas exploration and production company. The Company operates through three segments: oil and gas, chemical (OxyChem), and midstream and marketing. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.
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